Bringing major setback to the ongoing banking struggles, public sector banks wrote off Non Performing Assets (NPAs) worth Rs 1.20 lakh crore in Financial Year 2018-19.
This amount is approximately one-and-a-half times higher than their total losses reported in 2017-18, according to official data.
This additional setback is adding greater struggle to the huge loss reported by the banks in the last financial year.
According to the sources, this is for the first time in a decade that banks have written of NPAs along with booking of massive losses.
Till 2016-17, 21 PSBs reported a collective profit while in 2017-18, they posted a major loss of Rs 85,370 crore, as per the data.
During 2016-17, PSU banks wrote off bad loans worth Rs 81,683 crore as compared to a combined net profit of Rs 473.72 crore.
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